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robcron
New Member

How to know the California Amount of Profit or Loss from Rental Property when Only resident of CA part of the year

I have a federal Adjusted Loss of -$6123 for my Rental Property that is NOT in California.   I resided in CA 293 days (until Oct 21st), 2022.   I then moved to Tennessee, which happens to be where my Rental Property is. 

I am not sure how to answer this TT Question.    Do I prorate the Federal Loss to the number of days I lived in CA or do I just take the full Federal Amount of -$6123?   If prorated, the California Amount would be (-6123/365) to get daily rate of -16.78 per day.    293 days * -16.78 would be -$4915.18.    Is that what should be entered here?

 

I can't find an answer that matches my situation.   California Resident for 293 days of the year with Tennesee Rental property that had a -6123 Loss.   Any help would be appreciated.   Thank you. 

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MarilynG1
Expert Alumni

How to know the California Amount of Profit or Loss from Rental Property when Only resident of CA part of the year

Yes, you would allocate your Rental Loss on a Part-Year Resident Return to California.  You can use the method you mentioned to calculate the amount to prorate to California.  The balance of the loss can be reported on your other Part-Year Resident return to Tennessee. 

 

Here's more info on How to File a Part Year Resident Return and Allocating Income for a Part-Year Resident to help you.

 

@robcron 

 

 

 

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1 Reply
MarilynG1
Expert Alumni

How to know the California Amount of Profit or Loss from Rental Property when Only resident of CA part of the year

Yes, you would allocate your Rental Loss on a Part-Year Resident Return to California.  You can use the method you mentioned to calculate the amount to prorate to California.  The balance of the loss can be reported on your other Part-Year Resident return to Tennessee. 

 

Here's more info on How to File a Part Year Resident Return and Allocating Income for a Part-Year Resident to help you.

 

@robcron 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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